Ukraine: What if the Black Sea Grain Corridor Agreement is not extended?
Wheat
Maize (Corn)
Ukraine
Published May 18, 2023
Original content
A deal allowing Ukraine to export grain across the Black Sea expires on May 18, with Kiev hoping for an extension and Moscow putting forward a list of demands in exchange for its support. WHY IS IT IMPORTANT? Ukraine is a major producer of grains and oilseeds and the disruption of their exports with the outbreak of war has pushed global food prices to record levels. The current deal, struck in July, about five months after the war broke out, has helped bring prices down and ease the global food crisis. Grain from Ukraine also played a direct role with 625,000 tonnes or 2.1% of supplies sent through the corridor used by the United Nations World Food Program (WFP) as aid to countries such as Ethiopia, Somalia and Yemen. WHAT HAPPENS IF IT ENDS? Prices for some staple foods would likely rise, but the situation is better than in the months after the outbreak of war due to increased grain supplies from other producers such as Russia and Brazil. Prices of wheat, the main ingredient in ...
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